		보도자료
보도일시	배포시		배포일시	2018. 10. 13.(토) 18:30
담당과장	국제금융국 국제통화과장 최지영 (044-215-4830)		담당자	김은지 사무관 (044-215-4831) minejk34@korea.kr

제목 : 김동연 부총리 IMF 국제통화금융위원회(IMFC)
참석 결과 및 IMFC 공동선언문

회의 개요

□ 김동연 부총리 겸 기획재정부 장관은 10.13(토) 발리에서 개최된 ｢국제통화금융위원회(IMFC*)｣에 IMF 한국 이사실 소속국가**들을 대표하여 참석하였다.

* International Monetary & Financial Committee : IMF의 24개 이사국 대표(Governor)로 구성되는 IMF의 최고위급 회의로 매년 4·10월 개최

** IMF 한국 이사실은 한국, 호주, 뉴질랜드, 몽골, 우즈베키스탄, 파푸아뉴기니 등 총 16개의 아시아 태평양 지역 국가들로 구성 (한국과 호주가 2년 주기로 이사직 교대 수임, 한국 이사 수임 기간: ‘16.11-’18.10)

ㅇ 금번 회의에는 미국, 일본, 독일, 중국 등 24개 IMF 이사국 재무장관 또는 중앙은행 총재 및 세계은행(World Bank)ㆍ금융안정위원회(Financial Stability Board) 등 주요 국제금융기구 대표들이 참석하여,

ㅇ 최근 세계경제·금융시장 동향과 위험요인을 점검하고, 세계경제 확장세 지속을 위한 정책과제와 IMF의 역할에 대해 논의하였다.

2. 주요 논의사항

(1) 세계경제 및 금융시장

□ 참가국들은 세계경제 확장세는 지속되고 있으나, 지역별로 불균등하며, 무역분쟁ㆍ글로벌 금융긴축 등 하방 위험이 고조되고 있으므로, 정책 여력을 확충하고 구조개혁을 적극 추진해야 한다는데 공감하였다.

ㅇ 특히, 시장과의 소통을 통한 주요국의 점진적 통화정책 정상화와, 부채축소 노력 등 재정의 buffer 역할을 강조하였다.

ㅇ 또한, 저소득국 부채 문제 완화와 금융규제 개혁을 지속하는 것도 중요하다고 언급되었다.

□ 다수국은 최근의 무역긴장 심화를 하방 위험요인으로 지목하면서, WTO를 개선하는 노력 등을 통해 국제무역에 대한 신뢰를 제고하는 것이 필요하다고 주장하였다.

ㅇ 또한, 핀테크ㆍ암호화 자산 등 새로운 금융기술의 등장이 위험요인인 동시에 기회요인이 될 수 있으므로 적절한 정책 프레임워크(Framework) 마련이 중요하다고 강조하였다.

(2) IMF의 역할

□ 참가국들은 세계경제의 확장세를 이어가는 동시에 리스크 요인 완화를 위해 IMF의 개별 국가에 대한 감시활동(Surveillance), 기술지원 등이 중요하다고 강조하였다.

ㅇ 특히 다자무역 체계를 견지하기 위한 글로벌 다자공조에 있어 IMF가 중심적인 역할을 해줄 것을 요청하였다.

□ 또한, IMF가 글로벌 금융안전망의 중심 역할을 수행하기 위해, 제15차 쿼타일반검토*가 기한 내 마무리 되어야 하며,

* GRQ(General Quota Review) : IMF는 5년마다 쿼타증액ㆍ배분방식 등을 재검토, 제15차 GRQ 완료시한은 ‘19.4월 춘계회의
(늦어도 ’19.10월 연차총회)

ㅇ 쿼타 배분시 세계 경제에서 신흥국 경제가 증가한 비중을 적절히 반영하고 저소득국의 투표권을 보호하는 방향으로 진행되어야 한다는 방향성에 대해 공감하였다.

< 김동연 부총리 IMFC 발언 주요 내용 >

☞ 김 부총리는 글로벌 금융위기가 10년이 지난 현 시점에서 과거 위기 양상들에 비추어, 잠재적 위험요인을 설명하였다.

ㅇ 먼저, 김 부총리는 글로벌 금융위기의 원인이었던 과도한 부채 문제를 언급하였다.

- 지난 10년간 전세계 부채규모가 급증했으며, 선제적으로 해결되지 않으면 금융시장의 혼란을 불러 올 수 있다고 설명하였다.

ㅇ 위기를 확산시킨 급격한 자본흐름에 대해서도 주의가 필요함을 강조하였다.

- 최근 주요국 통화정책 정상화에 따라 신흥국으로부터의 자본유출이 나타나면서, 시장 안정성을 위협할 수 있다고 설명하였다.

ㅇ 위기 극복에 기여했던 국제공조가 약화되고 있고, 이로 인해 또 다른 위기가 발생할 수 있다고도 지적하였다.

☞ 김 부총리는 이러한 잠재적 위험요인에 대응하며 강하고 회복력 있는 글로벌 금융안전망을 구축하기 위해 IMF의 적극적 역할이 필요함을 강조하였다.

ㅇ 특히, 저소득 국가의 부채관리 역량 강화를 지원하고,
다자주의에 대한 신뢰를 복원해 줄 것을 요청하였다.

※ 제38차 국제통화금융위원회(IMFC) 공동선언문 별첨

	기획재정부 대변인 세종특별자치시 갈매로 477 정부세종청사 4동 moefpr@korea.kr

제 38차 국제통화금융위원회(IMFC) 공동선언문 원문

Communiqué of the Thirty-Eighth Meeting of the IMFC

Chaired by Mr. Lesetja Kganyago, Governor of the South African Reserve Bank

We extend our deepest sympathies to the people and Government of Indonesia on the recent tragic events. We thank them for hosting the 2018 Annual Meetings in Bali and for their warm hospitality.

Global outlook and policy priorities

The global expansion remains strong. Growth is projected to be steady in the near term and moderate thereafter. However, the recovery is increasingly uneven, and some of the previously identified risks have partially materialized. Overall, risks are increasingly skewed to the downside amid heightened trade tensions and ongoing geopolitical concerns, with tighter financial conditions particularly affecting many emerging market and developing countries. Policy uncertainty, historically high debt levels, rising financial vulnerabilities, and limited policy space could further undermine confidence and growth prospects.

With the window of opportunity narrowing, we will act promptly to advance policies and reforms to protect the expansion, mitigate risks, rebuild policy space, enhance resilience, and raise medium-term growth prospects for the benefit of all. Fiscal policy should rebuild buffers, where needed; be flexible and growth-friendly; avoid procyclicality; and raise the quality of infrastructure and workforce skills, while ensuring that public debt is on a sustainable path. Central banks, in line with their mandates and mindful of financial stability risks, should maintain monetary accommodation where inflation is below target, and withdraw it in a gradual, well-communicated, and data dependent manner where inflation is close to or above target.

Strong fundamentals, sound policies, and a resilient international monetary system are essential to the stability of exchange rates, contributing to strong and sustainable growth and investment. Flexible exchange rates, where feasible, can serve as a shock absorber. We recognize that excessive volatility or disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will refrain from competitive devaluations and will not target our exchange rates for competitive purposes.

Advancing financial and structural reforms is critical to lifting potential growth and employment and strengthening resilience, while effectively assisting those bearing the cost of adjustment. We stress the importance of timely, full, and consistent implementation and finalization of the financial sector reform agenda as soon as possible, and the evaluation of the effects of those reforms. We will monitor and, as necessary, tackle financial vulnerabilities and emerging risks; and, through continued regulatory cooperation, avoid fragmentation. We will also continue to adapt regulation to structural changes and close data gaps. We will strive to address challenges from demographic shifts and enhance inclusion to widely share the gains from technological advancement and economic integration. We will work together to reduce excessive global imbalances in a way that supports sustainable global growth.

We will enhance our cooperation to tackle shared challenges. We recognize the need to continue to step up dialogue and actions to mitigate risks and enhance confidence in international trade, including on ways to improve the WTO to face current and future challenges. We acknowledge that free, fair, and mutually beneficial goods and services trade and investment are key engines for growth and job creation. We reaffirm the importance of implementing the conclusions of the G-20 Hamburg Summit on trade. We will continue to work for a globally fair and modern international tax system, and where appropriate, address competition and tax challenges, including from digitalization. We will strengthen collaboration to leverage financial technology to enhance efficiency and inclusion while addressing associated risks, and tackle sources and channels of money laundering and terrorism financing, proliferation financing, corruption, and other illicit finance.

We support efforts toward achieving the 2030 Sustainable Development Goals (SDGs). In light of rising debt vulnerabilities in low-income countries (LICs), we are working together to enhance debt transparency and sustainable financing practices by debtors and creditors, both public and private; and strengthen creditor coordination in debt restructuring situations, drawing on existing fora. We will continue to support countries’ efforts to build resilience to, and deal with, the macroeconomic consequences of pandemics, cyber risks, climate change and natural disasters, energy scarcity, conflicts, migration, and refugee and other humanitarian crises.

IMF operations

We welcome the Managing Director’s Global Policy Agenda. In line with its mandate, the IMF will continue to support its members and collaborate with others to:

Promote a resilient international monetary and financial system. We welcome continued efforts to conduct a rigorous, evenhanded, candid, and transparent assessment of external positions based on updated methodologies. We also welcome the IMF’s advice to members on dealing with large and volatile capital flows and call for further efforts to strengthen the global financial safety net (GFSN), including by deepening collaboration with regional financing arrangements.

Facilitate multilateral solutions for global challenges. We call on the IMF to support efforts to mitigate risks and enhance confidence in trade, including through its trade-related macroeconomic analyses. We support the IMF’s continued role in international tax issues and domestic resource mobilization, including through the Platform for Collaboration on Tax and by applying the experience with medium-term revenue strategies. We welcome the endorsement by the Executive Boards of the IMF and the World Bank of the Bali Fintech Agenda that brings together key considerations for policy makers and the international community. We ask the IMF to support efforts to build on the Agenda, including through further work on financial technologies including crypto assets. Within its mandate, the IMF will provide guidance on members’ implementation of climate change mitigation and adaptation strategies.

Help members enhance resilience and raise growth prospects. We welcome the enhanced engagement on governance, including corruption, and the operationalization of the new governance framework; the development of a strategic framework for engagement on social spending; and work on corporate market power, the digital economy, infrastructure governance, demographic shifts, and gender and inequality issues. We support the IMF’s continued assistance to countries affected by conflict and refugee crises, and look forward to proposals to help vulnerable countries build resilience to natural disasters.

Adapt policy tools to members’ evolving needs. We look forward to the 2020 comprehensive surveillance review; reviews of program conditionality, the Financial Sector Assessment Program, the AML/CFT strategy, and the policy on multiple currency practices. We support further efforts to address the causes and consequences of the withdrawal of correspondent banking relationships and help countries deal with them. We also look forward to further enhancing the effectiveness and accountability of the IMF’s technical assistance and training in the context of the ongoing review of the capacity development strategy.

Strengthen debt sustainability and transparency. We look forward to reviews of the debt sustainability framework for market access countries and the debt limits policy. We ask the IMF to continue to work with members to strengthen fiscal frameworks, improve debt management capacity, and implement the updated debt sustainability framework for LICs. We support the IMF-World Bank multi-pronged approach to work with borrowers and creditors to improve the recording, monitoring, and transparent reporting of public and private debt obligations, as well as efforts to strengthen creditor coordination in debt restructuring situations, drawing on existing fora.

Support LICs, and fragile and small states. We welcome the review of LIC facilities and the ongoing work on small states. We endorse the Managing Director’s Statement on the IMF and Fragile States and call for full and timely implementation of management’s plan in response to the IEO’s recent evaluation. We support further work and analysis to help countries achieve the SDGs.

IMF resources and governance

We reaffirm our commitment to a strong, quota-based, and adequately resourced IMF to preserve its role at the center of the GFSN. We are committed to concluding the 15th General Review of Quotas and agreeing on a new quota formula as a basis for a realignment of quota shares to result in increased shares for dynamic economies in line with their relative positions in the world economy and hence likely in the share of emerging market and developing countries as a whole, while protecting the voice and representation of the poorest members. We note the recent progress report to the Board of Governors and call on the Executive Board to work expeditiously toward the completion of the 15th General Review of Quotas in line with the above goals by the Spring Meetings of 2019 and no later than the Annual Meetings of 2019. We call for full implementation of the 2010 governance reforms.

We call on the IMF to maintain a high-quality staff and strengthen efforts to meet 2020 diversity benchmarks. We are looking forward to the timely conclusion of the comprehensive review of compensation and benefits. We support increasing gender diversity in the Executive Board.

Our next meeting will be held in Washington, D.C., on April 13, 2019.